BLT in $100m bond issue

Jakarta: Berlian Laju Tankers has launched a $100m bond issue to finance expansion and repay debt. The 12% guaranteed convertible bonds to be issued through a private placement will mature in 2015. The proceeds from the issue will be used in part to expand in the cabotage trades in Indonesia where BLT noted it was well placed to benefit from its longstanding relationship with state oil and gas firm Pertamina. Proceeds will also be used to repay existing debt. JP Morgan Securities and RS Platou Markets are joint placement agents for the issue. [04/02/10]